Adani Ports records highest-ever rail cargo in FY23; stock extends fall – Business Today

Adani Ports and Special Economic Zone Ltd has set a new benchmark by handling the highest-ever rail cargo of 120.51 MMT (million metric tons) in the financial year 2022-23 (FY23), surpassing the previous best of 98.61 MMT, the company stated in an exchange filing on Wednesday. Under the General-Purpose Wagon Investment Scheme (GPWIS) of Indian Railways, cargo handled by rail has grown by 62 per cent YoY (year-on-year), Adani Ports added.
“Mundra Port handled over 15,000 container trains in FY23, cementing its position as India’s EXIM gateway. In FY23, Adani Ports generated around Rs 14,000 crore in revenue from rail cargo for Indian Railways. In FY23, double-stack container trains handled by Mundra Port grew by 4.3 per cent YoY,” the company further mentioned.
Despite this, the country’s largest commercial port operator’s stock extended its fall for the fourth straight session. The scrip fell 0.53 per cent to hit a day low of Rs 683 over its previous close of Rs 686.65.
All Adani stocks have been dented by US-based short seller Hindenburg Research’s report alleging stock manipulation and accounting fraud by the energy-to-ports Indian conglomerate. Adani Ports has declined 16.77 per cent on a year-to-date (YTD) basis. Although, the fall was much lower compared to the group’s other listed entities. For instance, the group’s flagship firm, Adani Enterprises, has plunged 50.67 per cent in 2023 so far amid the Hindenburg controversy.
Also Watch: Supreme Court grants SEBI time to complete probe against Adani Group; How the Adani-Hindenburg Saga has unfolded till now
The Supreme Court is hearing a bunch of petitions seeking a probe into Hindenburg’s report against the Gautam Adani-led group. The top court today granted the Securities and Exchange Board of India (Sebi) up to three months to complete its probe into Hindenburg’s allegations against the Adani Group. The SC bench asked the market regulator Sebi to give an updated status report by August 14.
On the technical front, support on the counter could be seen at Rs 684, an analyst said, while the other suggested that long-term investors could enter at current levels.
“Adani Ports looks bearish on the daily charts with strong resistance at Rs 712. A daily close below the support of Rs 684 could lead to a target of Rs 665 in the near term,” said AR Ramachandran from Tips2trades.
“For long-time investors, this could be a could opportunity to enter. Keep stop loss placed at Rs 460,” said VLA Ambala, Research Analyst at Stock Market Today.
Meanwhile, Indian equity benchmarks fell sharply in late deals today, dragged by technology, financials, metals, banks, consumer durables and energy stocks.
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